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- Australia's unemployment rate declines to 6.3% in February
Australia's unemployment rate declines to 6.3% in February
The Australian Bureau of Statistics released its labour market data on Thursday. Australia's unemployment rate fell to 6.3% in February from 6.4% in January. Analysts had expected the unemployment rate to remain unchanged at 6.4%.
The number of employed people in Australia rose by 15,600 in February, exceeding expectations for an increase by 15,300, after a drop by 14,600 in January. January's figure was revised down from a decline by 12,200.
Full-time employment surged by 10,300 in February, while part-time employment rose 5,300.
Participation rate decreased to 64.6% in February from 64.7% in January. January's figure was revised down from 64.8%.
These figures might be not enough to ease pressure on the Reserve Bank of Australia to lower its interest rate again. The central bank said that rising unemployment was one of the main reasons for the interest rate cut in February.
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